By Laura Lynott, Senior Correspondent
THE ‘Women in FinCrime Summit’ saw female AFC leaders make powerful contributions on the need for greater equality in the sector – and a renewed focus on protecting victims of crime.
The Summit on Tuesday – the fifth in the series – caused a huge reaction online as attendees lauded the speakers, drawn from the EU, North America, Latin America and Africa.
The Summit – organised by AML Intelligence and sponsored by ID Pal – heard from:
- Elisa de Anda Madrazo, incoming FATF president
- Sarah Paquet, director and CEO of the Financial Transactions and Reports Analysis Centre (FNTRAC) of Canada
- Alexandra Jour-Schroeder ,Deputy Director General for the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union, and
- Xolisile KhanyileSouth African career prosecutor and financial intelligence director
All four highlighted the vital role women are playing in the growing industry – however, it was clear much work still has to take place to ensure women lead.
Ms de Anda Madrazo, who was elected as president to the Financial Action Task Force (FATF) from July this year to June 2026 – told the summit: “There is a big gap between women and men in the financial sector but in AML in particular.
“If we look at the data in our own governments and financial institutions and at FATF, you see women at entry level, but if you start to look at leadership positions, there’s a leaky pipeline.
“This is an issue because it becomes a sector that is labelled male dominated.”
The incoming president stated women occupied too few senior roles even in FATF. However, she signposted the fact that she is incoming president while Violaine Clerc is executive secretary.
The two hires represented positive transformation but she felt there was still a long road to travel for equality within the industry.
In a very powerful statement, applauded by other female leaders in attendance, she added that the justification of gender bias had to stop in professional settings.
Women had to stand up to men who continue sexist behaviour in offices, she added, explaining that to not do so, only prolonged the issue. This was affecting female growth in careers, she added. “When we don’t speak about the issues it erodes us further,” she said.
Ms Paquet echoed this sentiment and spoke of her own experience as a woman in AML. “I still have to take my place in boardrooms,” the CEO said. “If I don’t take the space, they won’t give it to me. They (men) are too comfortable with each other.
“It doesn’t matter where you are on the planet, it’s important for you to take your place and say there’s room at the table.
“Having diverse views helps us get through the problem. If we all think the same, we have a lot of blind spots.”
She encouraged women from different backgrounds to enter into AML-CTF and to make sure their voices were heard.
“In AML we need people who are curious,” she said. And that meant it did not matter if a woman had a law degree or they came from an unrelated background.
Ms Jour-Schroeder meanwhile signalled how much of a game-changing moment the introduction of the Anti-Money Laundering Authority (AMLA) in Frankfurt is, for the industry.
“For the first time we’ll have a rule book,” Ms Jour-Schroeder stated. The body will open in mid-2025 and employ 400 staff members.
Ms Jour-Schroeder explained one of the tasks currently is to “try to mitigate risk associated with cash” but a new “harmonised approach” via AMLA would strengthen the wider network of work on this issue, she said.
The agency will also operate “comprehensive” duties in relation to other sectors, including gambling, high value accounting and real estate, she explained.
While the body would also play “an important role in coordinating financial cooperation for the exchange of information,” she added, utilising “system data that is already there.”
A recruitment process had to start and she expected this to be an “exciting process.”
Ms Khanyile meanwhile called on AML and CFT leaders to “confront” the fact that over half the grey listed countries are African nations.
Ms Khanyile told the summit that she was particularly asking for women leaders to shine a spotlight on this difficult fact and how it is impacting Africa’s progress globally.
“If you look at 22 countries that are grey listed, 45 per cent are African countries,” Ms Khanyile told the summit.
She said the impact of grey listing on so many African nations was causing real problems with societies unable to develop.
But again, touching on a lack of gender parity within the industry, Ms Khanyile said: “To us, as women, this is a space that is male dominated. In a number of instances, you are made to feel that you are, as a woman, less important and cannot make an impact.
“The message I want to send to all women here in the AML-CFT space is that we are capable, more than enough, sufficient and we are where we are supposed to be.
“It’s not a mistake we are occupying the spaces we are in.”
Women leaders who listened to each speaker noted they were deeply impacted by the inspirational presentations.
Sinead Mc Donald, data protection expert and board member of ID Pal, the identity verification service praised Ms de Anda Madrazo for her “openness and honesty” when she spoke about gender issues.
“We’ve always tried to say you can have that balance, it’s achievable, but now it’s nice to recognise there are challenges there,” she said.
She had been “heartened” also by Ms Parquet, who had at one point encouraged women leaders to “be kind.”
“Let’s be kind to different generations and diversity of women,” Ms Mc Donald said.
“Not everybody is a mother but it doesn’t mean they have it plain sailing. We need to be kind to each and every one of us and then that’s where we can get that progress going for all of us.”
She thanked AML Intelligence for gathering the speakers and stated the event was “truly wonderful.”
Ibec Global’s executive director, Jackie King, who chaired the summit, stated “kindness, collaboration, partnership, support” and “keeping up the good fight” were all important themes delivered by female leaders at the event.
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